John Hancock, the U.S. division of Manulife Financial Corporation, announced the purchase of One South Wacker in Chicago's Central Business District's West Loop, a $344 million acquisition. The 40 story Class A office building was sold by Norfolk, VA-based Harbor Group International, which originally purchased the tower in December 2012 for $221 million, and implemented complete property renovations in 2014. Terms of the deal and representation were not disclosed.
"One South Wacker represents the type of high quality assets we acquire in key gateway markets where we do business," said Kevin Adolphe, President & Chief Executive Officer of Manulife Real Estate, which operates as John Hancock Real Estate in the U.S. "The acquisition is consistent with our strategy to seek out complementary, core office towers that can provide long term value for our global portfolio. We are proud to strengthen our commitment to the Chicago market with the acquisition of One South Wacker." Other Chicago properties owned or managed by John Hancock include 55 West Monroe, 191 N. Wacker, 200 S. Wacker and 150 N. Michigan Avenue.
One South Wacker was originally constructed in 1982 and designed by Murphy/Jahn, Inc. Architects (now JAHN), inspired by Gothic cathedrals with buttress-like setbacks and arch patterns in black glass. The building's central section has three small private atriums at the top of each setback, each encased with pink glass. The lobby connects Wacker Drive and Madison Street, and is unusual for its dark black color. Helmut Jahn's original design was altered in a remodeling project around 2000. The property was 86% leased at the time of sale to unlisted tenants. Anecdotally, the tower was also featured in the Daft Punk music video "Burnin" - a loose take on the film "Towering Inferno".
For more news and information visit Blumberg Partners.
No comments:
Post a Comment